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D. Organization Authorization Clause: <br />The Insureds agree that the Parent Organization will act on their behalf with respect to <br />the giving of all notices to the Insurer and the receiving of notices from the Insurer. The <br />Parent Organization will also act for the Insureds for the payment of the premiums and <br />the receiving of any return premiums that may become due under this Policy. <br />Vill. EXTENDED REPORTING PERIOD <br />A. If the Insurer refuses to renew or the Parent Organization cancels or chooses not to <br />renew this Policy, then the Parent Organization has the right, upon payment of an <br />additional premium calculated at the percentage, set forth below, of the annual premium, <br />to an extension of the coverage granted by this Policy with respect to any Claim first <br />made against the Insureds during the selected period. The extension of coverage will <br />(1) commence immediately upon the end of the Policy Period, and (2) apply only to a <br />Claim based upon a Wrongful Act committed before the end of the Policy Period. <br />This extension period is called the "Extended Reporting Period". <br />Extended Reporting Period Option Percentage of Annual Premium <br />One Year 50% <br />Two Years 90% <br />Three Years 125% <br />B. The quotation of a different premium and/or Retention and/or Limit of Liability and/or <br />terms and conditions for renewal does not constitute a refusal to renew for the purpose <br />of this provision. <br />C. As a condition precedent to the right to purchase the Extended Reporting Period, the <br />total premium for this Policy must have been paid. The right to purchase the Extended <br />Reporting Period will terminate unless written notice is received by the Insurer within <br />thirty (30) days after the end of the Policy Period, with full payment of the premium for <br />the Extended Reporting Period. If the Insurer does not receive proper notice and <br />premium payment, the Parent Organization will not be able to exercise the right to <br />purchase the Extended Reporting Period. <br />D. If the Extended Reporting Period is purchased, the entire premium is deemed earned at <br />its commencement and the Extended Reporting Period may not be cancelled. <br />E. The purchase of the Extended Reporting Period will not in any way increase the Limit of <br />Liability in the Declarations Page, and the Limit of Liability for the Extended Reporting <br />Period will be part of and not in addition to the Limit of Liability as stated in Item 3. of the <br />Declarations Page. <br />IX. CHANGE IN CONTROL OF PARENT ORGANIZATION <br />If during the Policy Period: <br />(1) the Parent Organization is acquired by, merged into, or substantially all of its assets are <br />consolidated into any other entity; or <br />(2) any other organization, person or entity, or group of persons or entities, acting in concert <br />acquires; (a) the ability to control the Parent Organization's managerial decisions, or <br />(b) the right to elect or appoint more than 50% of the Parent Organization's directors or <br />trustees; <br />then coverage under this Policy will continue for the balance of the Policy Period, but will only apply <br />to a Claim based upon a Wrongful Act committed prior to any of the event <br />above. RAMwugemadDiMsian <br />E <br />° REVIEWED & APPROVED BY. <br />PSNP1001 (01/01)�Aeevaa <br />'Maw- Rfsk Management Specialist <br />